The Fair Share Report
255 Summit Ave
Summit, NJ 07901
The town corrects for market drift once a year — but only on average. This report measures whether this house drifted with the herd or away from it.
This home's full record →Check another house →
Step 1 · Market value
Likely range $3,830,443 – $4,827,378, from 12 comparable Summit sales in the past 18 months (home size estimated from assessor data — range widened).
Step 2 · The Director's Ratio
The state's official measure of how far Summit assessments sit below market value — republished every October, applied town-wide. A $4,269,062 home should be assessed near $1,315,298.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $196,798 below what the ratio math suggests (15.0%).
Step 4 · The tax rate — same for every Summit home
$2.335 Schools · 52% $1.092 County · 24% $1.043 Town · 23%
Summit also levies a Special Improvement District charge inside its district boundaries — the county roll doesn't say which homes are in it, but a bill's "IMPROVEMENT DISTRICT" line does. District homes pay $4.654 per $100 all-in (+$0.184).
Step 5 · The bill
This home vs. every recent Summit sale · assessed ÷ market
16%41%
Paying about right
This home's ratio lands inside Summit's normal band. The drift hasn't singled it out — no case for a tax appeal.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 149 HILL CREST AVE | 2026-06 | $4,200,000 | 5,868 | 29.6% |
| 101 PROSPECT STREET | 2025-04 | $2,835,000 | 5,370 | 29.6% |
| 14 ARGYLE CT | 2025-09 | $3,400,000 | 4,370 | 33.0% |
| 73 EDGEWOOD RD | 2025-06 | $5,525,000 | 6,758 | 26.9% |
| 44 SILVER LAKE DR | 2026-04 | $4,150,000 | 4,250 | 28.1% |
| 99 FERNWOOD RD | 2025-07 | $3,000,000 | 4,056 | 31.7% |
| 29 NORWOOD AVE | 2025-08 | $4,530,000 | 5,270 | 29.3% |
| 22 HOBART RD | 2025-06 | $4,800,000 | 4,846 | 34.1% |
| 45 VALLEY VIEW AVE | 2025-03 | $3,000,000 | 4,308 | 22.4% |
| 181 SUMMIT AVE | 2025-12 | $2,975,000 | 5,379 | 35.2% |
| 10 LITTLE WOLF RD | 2025-05 | $3,055,000 | 3,898 | 23.8% |
| 121 WHITTREDGE RD | 2025-03 | $4,350,000 | 5,063 | 29.6% |
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